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Business Loan

WHAT IS BUSINESS LOAN?

Volatile market trends and increasing business needs cause demand for urgent immediate cash-in-hand. A Business Loan designed for this purpose gives you the advantage to avail unsecured credit at competitive interest rates.

Business Loan empowers you to avail funds without collateral for infusion into your enterprise for purposes of the business

Whether you plan to invest in infrastructure investment or upgrade plant and machinery, a Business Loan caters to all your commercial needs.

BUSINESS LOAN ELIGIBILITY CRITERIA

Age

Minimum 18 Years
Maximum 65 Years a time of Loan Maturity

Nationality

Resident Citizen of India with no Criminal Record

Business

Minimum 3 Years Own Business Vintage
Minimum Annual Turnover and Profit at Lender's Discretion
Registered Chartered Accountant Audited Balance Sheet Compulsory
No Previous Default with any Financial Institution

Credit Score

Credit Score of 700 & More

Credit Score

BUSINESS LOANS FOR SELF-EMPLOYED, NON-SALARIED, MSMES, AND SMES

Self-Employed, Non-Salaried and SMEs seeking funds as Business Loan will have to furnish additional documents listed below to start the loans process.

Loan Documents required for Private Limited Company/LLP/Firm and Individual

1) KYC

All Individual/Partners/Directors Photos.
All Individual/Partners/Directors Pan Card.
All Individual/Partners/Directors Aadhar Card.
All Individual/Partners/Directors Residence Proof (Latest Electricity Bill)
Office Proof (If Rented then Rent Agreement And Electricity Bill)
Udhyam Certificate

2) Business Proof

Company/Firm Pan Card.
MOA & AOA/ Partnership Deed.
Incorporation of Certificate
GST Certificate 3 Pager & GST 3B.
Latest shareholding Pattern & List of Directors on Company/LLP Letter Head.

3) Company/Firm/Individual Financials

Saral Acknowledge Form
Computation of Income
Trading & Profit & Loss A/C
Balance Sheet
Audit Report with 3CB & CD
All Schedules
Directors Report & Auditors Report
Debtors & Creditors List

4) Banking

All Current Accounts Latest 12 Months
OD/CC Account Latest 12 Months & OD/CC Sanction Letter (If Any)
Sanction Letters with Loan Excel Sheet
All Banks Loans Sanction Letter (Business Loan/Car Loan/Housing Loan/ Loan against Property if any sanction letter available.)
Loan Obligation sheet with Bank wise limit and O/s as on date

NOTE : All Documents Should Be In PDF Format.

DIFFERENT TYPES OF BUSINESS LOANS FOR YOUR VARIED NEEDS

Plant and Machinery Loan
SME and MSME Loan
Business Loan for Women
Self Employed Professional Loan
Micro Business Loan

Business Loan Interest Loan Types

Fixed-Rate of Interest:

When you opt for a Fixed Rate of Interest, the interest rate on your Business Loan remains constant throughout your loan period, and this allows you the freedom to plan your finances.

Floating Rate of Interest:

Floating Rate of Interest changes according to the RBI lending benchmark, namely Repo Rate. This means, that although your EMI remain constant, your loan tenure may extend due to rate adjustments.

What are the Factors Affecting Business Loan Interest Rates and Eligibility?

Nature of Business
Business Vintage
Turnover
Profitability
Past Track Record
Present Obligation
Credit Score

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Business Loan